The National Commission of the Retirement Savings System (consar) reported that the balance managed by the 10 retirement fund managers (afores) it was of 5.4 trillion pesos at the end of March, which represented a annual contraction 1.9% in real terms.
In this sense, it is the first time that the balance managed by the Afores had an annual contraction at the end of March. In other words, the amount handled by the Afores registered annual increases since 1999 in the referred period.
It should be remembered that retirement fund managers are going through periods of high volatility caused by the increase in interest rates by central banks in order to control high inflation.
It is expected that this Friday, the Consar will also report on the data on losses or gains at the end of March.
In February, retirement fund administrators reported capital losses for 121,117 million pesos. While in the first two months there were capital gains of 30,201 million pesos.
Throughout 2022 there were capital losses of 215,477 million pesos, an amount equivalent to 4.1% of resources administered by the Afores, according to data from the National Commission.
In the January-March period, the profits of retirement fund managers registered 2,648 million pesos, which represented an annual increase of 197% in real terms, according to information from Consar.
The annual increase is due to the low base of comparison, since in the first quarter of last year the fund managers obtained profits of 889 million pesos (from 2023) as a result of the entry into force of the maximum commission of 0.57 percent. .
2023 is the second consecutive year in which the average commission charged by the Afores on the worker’s balance is 0.57% due to the reform in the Retirement Savings System Law.
The Consar reported that the commission income of the administrators, its main source of income, amounted to 7,540 million pesos at the end of March, which represented an annual contraction of 2.9% in real terms.
However, the annual drop this year was less than the 29.6% registered in the first three months of 2022.
